Mortgage Jobs
Definition of Loan Officer
Also referred to as a loan agent, loan originator, loan solicitor, mortgage originator, and loan agent. The loan officer plays an important role in the loan process. The loan officer is a representative of the lending institution; be it a mortgage brokerage, lender, or bank. The loan officer can work as an employee or can work from home as an independent contractor. In addition, loan officers may or may not need to be licensed, depending on state regulations. Either way their role is primarily the same. They work hand in hand with Realtors, builders, lenders, and the borrowers themselves. The main duties and responsibilities include but are not limited to; taking a complete and accurate loan application, qualifying the potential borrower with a suitable loan program and lender, obtaining all necessary documentation, and working with loan processors, underwriters, title, escrow, and lenders to ensure that the loan process goes along smoothly and closes on time with few or no surprises.
Definition of a Loan Processor
A person working with the loan originator who gathers information provided by the loan originator, applicable to the loan file, and submits the loan for a decision to the lender. The loan processors main duties and responsibilities include but are not limited to; opening escrow by ordering preliminary reports and credit payoffs, orders appraisals, credit reports, evidence of insurance, and generates loan documentation. A loan processor works closely with the lender’s underwriter to ensure a smooth loan transaction.
Definition of an Underwriter
A person who works for the lender and reviews the loan file for the purpose of making a decision on the loan. The underwriter is responsible for reviewing a loan application and determining whether to make a loan based on credit, income, debt, appraised value of the house, and other factors. An underwriter is responsible for evaluating the loan to determine the risk involved for the lender.
Definition of Account Executive
A person who represents a specific banker or wholesale lender. This individual has detailed information, including guidelines and rates on the loan programs the lender offers. The account executive is the contact person for the mortgage loan originator or broker. Account executives are responsible for initiating and maintaining relationships with local mortgage brokers, Realtors, builders and other business partners as a referral source for the origination of home loans.
Definition of a Mortgage Broker
A real estate professional whose main focus is on originating residential and/or commercial loans. Mortgage brokers enable mortgage lenders and banks to provide financing on loans originated nationwide without having to incur the cost of having an actual physical presence. A mortgage broker can work independently with no employees or it can be a mortgage broker office with a small support staff.
Mortgage Employment Website Links
Indeed.com
http://www.indeed.com
Lendercareers.com
http://www.lendercareers.com
LoanOfficerJobs.com
http://www.loanofficerjobs.com
Monster.com
http://www.monster.com
MortgageBoard.com
http://www.mortgageboard.net/index.cfm
MortgageMag.com
http://www.jobmag.com
Yahoo
http://hotjobs.yahoo.com
